Syntax-Brillian Finishes Stock Offering

Syntax-Brillian Brings in $143.3M in Proceeds From 29.4M Share Offering

TEMPE, Ariz. (AP) -- Syntax-Brillian Corp., which makes high-definition televisions, said Wednesday it closed a public offering of 29.4 million shares of its stock for proceeds of about $143.3 million.

Selling shareholders received about $16.3 million, Syntax-Brillian said.

Under the offering, the company sold the shares for $5.75 each, and the underwriters exercised 3.8 million shares under their overallotment option.

Syntax-Brillian said it used about $20.2 million of the proceeds to pay back its debt and plans to use the rest to fund its business expansion, as well as for other general corporate objectives.

Merrill Lynch & Co. served as book-running manager for the offering, and UBS Investment Bank worked as co-lead manager. Co-managers for the offering were Robert W. Baird & Co., Canaccord Adams and Brean Murray, Carret & Co., the company said.

Shares of the company added 27 cents, or 4.4 percent, to $6.36 in aftermarket activity, after closing down 21 cents at $6.09.

Link: http://biz.yahoo.com/ap/070530/syntax_brillian_offering.html?.v=1